INVESTMENTS

Long-term investments held by LP are debt securities designated as available for sale and are reported at fair market value using the specific identification method. The following table summarizes unrealized gains and losses related to these investments as of December 31, 2016 and December 31, 2015:



Dollar amounts in millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2016	$	0.4	$	4.4	$	—	$	4.8

December 31, 2015	$	0.4	$	5.4	$	—	$	5.8

As of December 31, 2016, LP had $4.8 million ($23.4 million, par value) invested in auction rate securities (ARS). The ARS held by LP are securities with long-term nominal maturities for which the interest rates may be reset through a Dutch auction each month. LP’s investments in ARS represent interests in collateralized debt obligations supported by pools of residential and commercial mortgages and other securities. The contractual maturities of these debt securities classified as available for sale at December 31, 2016 exceed one year.

There were no purchases of short-term and long-term investments for the years ended December 31, 2016 and 2015. During 2016 and 2015, LP did not own any short-term investments.